2025

最新文章

• Muni Disclosure: All talk and no trade? AI翻译
  作者：Cuny, Christine; Li, Ken; Nakhmurina, Anya; Watts, Edward M.
  作者单位：New York University; McMaster University; Yale University
  摘要：This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks following a disclosure. However, some disclosures do provide enough new information to increase trading. Investors trade more on credit-relevant disclosures, such as adverse credit event disclosures, and less on required annual financial statements. Trad...
• Discussion of Accounting standards and antidumping investigations by Stephen Teng Sun, Shang-Jin Wei and Jin Xie AI翻译
  作者：Schipper, Katherine
  作者单位：Duke University
• Vocal delivery quality in earnings conference calls AI翻译
  作者：Baik, Bok; Kim, Alex G.; Kim, David S.; Yoon, Sangwon
  作者单位：Seoul National University (SNU); University of Chicago; Massachusetts Institute of Technology (MIT); Korea University
  摘要：We study the economic consequences of managers' vocal delivery quality during earnings conference calls. We introduce a novel measure, vocal delivery quality, that captures the acoustic comprehensibility of audio information for an average listener. Our measure relies on a deep-learning algorithm applied to a large sample of earnings call audio files. Consistent with predictions from the psychology and accounting literatures, we find evidence that the quality of managers' vocal delivery deteri...
• Signaling long-term information using short-term forecasts AI翻译
  作者：Heinle, Mirko S.; Kim, Chongho; Taylor, Daniel J.; Zhou, Frank S.
  作者单位：University of Pennsylvania; Seoul National University (SNU)
  摘要：This paper shows theoretically and empirically that the decision to disclose a short-term earnings forecast can reveal managers' private information about long-term performance. Consistent with the predictions of our model, we find that the decision to disclose a short-term earnings forecast predicts long-term performance for up to three years. The relation strengthens when current period performance is poor, when managers have longer horizons, and when competitive threats are lower. Endogeniz...
• Partisan regulatory actions: Evidence from the SEC AI翻译
  作者：Pandey, Vivek; Shen, Xingyu; Wu, Joanna Shuang
  作者单位：University of Rochester
  摘要：We study the influence of political partisanship in SEC investigations and AAER enforcement actions against financial misconduct. We find that the SEC is more likely to launch an investigation against a firm that is misaligned with the agency's political ideology than other firms. The likelihood of an AAER appears unaffected by political misalignment, but once named in an AAER, a misaligned firm faces harsher penalties than other firms. We find evidence that collectively points to potential mi...
• Complexity of CEO compensation packages☆ AI翻译
  作者：Albuquerque, Ana; Carter, Mary Ellen; Guo, Zhe (Michael); Lynch, Luann J.
  作者单位：Boston University; Boston College; Fordham University; University of Virginia
  摘要：This paper examines complexity in CEO compensation contracts. We develop a measure of compensation complexity and provide empirical evidence that complexity has increased substantially over time. We document that complexity results not only from factors reflecting efficient contracting, but also from external pressures from compensation consultants, institutional investors, proxy advisors, and attempts to benchmark to peers, with these external factors having greater impact in more recent year...
• Transaction-level transparency and portfolio mimicking☆ AI翻译
  作者：Hagenberg, Thomas C.
  作者单位：Northwestern University
  摘要：This study examines whether an increase in the transparency of investment transactions facilitates portfolio mimicking. While there are reported benefits of transparency in enhancing regulatory monitoring and discipline, an increase in the transparency of investment transactions can also facilitate mimicking of peer firms' investment strategies. I exploit an exogenous increase in the broad dissemination of transaction-level investment disclosures of U.S.-based insurers and find a significant i...
• The effect of limited tax loss carryforwards on corporate investment AI翻译
  作者：Hillmann, Lisa; Jacob, Martin
  作者单位：WHU - Otto Beisheim School of Management; University of Navarra; IESE Business School
  摘要：This paper examines the corporate investment effect of a time limit on the use of net operating losses (NOLs). We predict that when countries limit the use of NOLs to a few years instead of allowing indefinite use, managers of loss-making firms have an incentive to increase investments to utilize NOLs before they expire. Using exogenous shocks to profitability from two earthquakes in Italy and variation in the tax treatment of NOLs over time, we find support for this prediction: when the use o...
• Does transparency about banks' lending costs lower firms' borrowing costs? Evidence from India AI翻译
  作者：Tantri, Prasanna; Vishen, Nitin
  作者单位：Indian School of Business (ISB); Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
  摘要：We study the impact of transparency about banks' costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks' cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms' total borrowings and investments. We hypothesize that increased cost transpare...